TINTON FALLS, NJ – July 23, 2024 – Commvault, a leading provider of cyber resilience and data protection solutions for the hybrid cloud, today announced Pranay Ahlawat as its first Chief Technology and AI Officer (CTAIO). Reporting to Rajiv Kottomtharayil, Chief Product Officer, Ahlawat will oversee Commvault’s product vision and development lifecycle, focusing on helping customers advance cyber resilience, including through modern AI technologies.
Ahlawat brings to Commvault a rich background in AI, cloud and infrastructure software, business strategy, product development, and operations. Prior to joining Commvault, Ahlawat held leadership roles at Boston Consulting Group (BCG), advising software and Software as a Service (SaaS) companies on cloud and infrastructure. He also globally led the product innovation and engineering topic at BCG and the firm’s thinking on the impact of Gen AI on software development.
“Organizations today are facing unprecedented levels of cyber threats and attacks and require innovative solutions that can help them stay ahead of bad actors and get the most value out of their data,” said Ahlawat. “I’m thrilled to join Commvault and help build the next generation of cyber resilience solutions that address customers’ most critical security challenges.”
“Pranay brings a wealth of industry expertise on how AI is evolving and revolutionizing business operations,” said Kottomtharayil. “Commvault is excited to leverage his industry knowledge to transform our approach to AI, building advanced solutions that enhance our Data Management and Cyber Recovery Platform.”
About Commvault
Commvault (NASDAQ: CVLT) is the gold standard in cyber resilience, helping more than 100,000 organizations keep data safe and businesses resilient and moving forward. Today, Commvault offers the only cyber resilience platform that combines the best data security and rapid recovery at enterprise scale across any workload, anywhere—at the lowest TCO.
More related posts
Commvault Encourages Organizations to Adopt a Four-Step Approach to Resilience in the Age of Frontier AI
While the CrowdStrike incident has disrupted many global organizations, we are up and running and ready to help our customers get back to business. Please know, the CrowdStrike incident has notimpacted our enterprise or SaaS-based data protection environments that customers rely on. If you have questions about your Commvault environment, please refer to this article and reach out to your account team or customer support through normal channels.
Please be advised reports are surfacing of threat actors using the CrowdStrike incident as a way to push phishing attempts and cyberattacks. The need to remain highly aware and vigilant is paramount. has context menu
More related posts
Commvault Encourages Organizations to Adopt a Four-Step Approach to Resilience in the Age of Frontier AI
TINTON FALLS, NJ – July 16, 2024 – Commvault, a leading provider of cyber resilience and data protection solutions for the hybrid cloud, today announced that it listed Commvault Cloud with Carahsoft Technology Corp, the Trusted Government IT Solutions Provider®, in the AWS Marketplace for the U.S. Intelligence Community (ICMP). ICMP is a curated digital catalog from Amazon Web Services (AWS) that makes it easy to discover, purchase, and deploy software packages and applications from vendors that specialize in supporting government customers.
Commvault Cloud helps federal government agencies identify threats faster, cleanly recover, and accelerate threat response times – all at the lowest possible TCO. Purpose-built for cyber resilience, it meets the most stringent global security standards and compliance programs. Through a single pane of glass design, Commvault Cloud helps government entities secure and recover their data, across any workload, any infrastructure, and from any location to any location.
“We are pleased to offer Commvault Cloud in ICMP for US federal government customers, giving more agencies immediate access to proven resiliency,” said Don Maruca, Vice President, Federal, Commvault. “The combination of cloud-native simplicity, compliance, and comprehensive coverage targets the critical needs of any government agency.”
“As a long-term Commvault partner, we are excited to deliver Commvault Cloud to government organizations, expanding access via the AWS ICMP,” said Bryan Jenkins, Director, Strategic Business Development, Carahsoft. “More than any other industry, public sector organizations hold highly confidential data that must be protected at all costs. With Commvault Cloud, we’re able to provide the necessary security to customers and help them remain cyber resilient in the fight against bad actors and malicious attacks.”
Commvault (NASDAQ: CVLT) is the gold standard in cyber resilience, helping more than 100,000 organizations keep data safe and businesses resilient and moving forward. Today, Commvault offers the only cyber resilience platform that combines the best data security and rapid recovery at enterprise scale across any workload, anywhere—at the lowest TCO.
More related posts
Commvault Encourages Organizations to Adopt a Four-Step Approach to Resilience in the Age of Frontier AI
TINTON FALLS, NJ – July 8, 2024 – Commvault, a leading provider of cyber resilience and data protection solutions for the hybrid cloud, today announced that long-term Commvault executive and current Chief Financial Officer (CFO), Gary Merrill, will transition to a new role, serving as the company’s first Chief Commercial Officer (CCO). In this role, Merrill will lead the company’s global sales and partner teams.
This transition created an opportunity for Commvault to recruit another dynamic and growth-oriented CFO and the company selected Jennifer (Jen) DiRico for the role. DiRico will assume her new position at Commvault on August 12.
DiRico spent close to a decade at Toast, where she was instrumental in its successful IPO and in supercharging the company’s growth. During her tenure at the company, Toast expanded its customer base to over 100,000 customers and annual recurring revenue (ARR) to over $1 billion. She will leverage her vast knowledge and experience in finance, investor relations, operations, and international markets to advance Commvault’s revenue growth initiatives.
Merrill, an 18-year Commvault veteran, will use his operations, finance, and customer and partner expertise to accelerate adoption of the Commvault Cloud platform, expand the company’s routes to market, and scale its high-growth SaaS engine. This will play a key role in helping Commvault rapidly expand its leadership in cyber resilience while driving even greater value for customers and partners.
“When Gary threw his hat in the ring for the CCO role, we immediately knew this was the right move at the right time. Gary is relentlessly focused on customers, partners, and operational excellence,” said Sanjay Mirchandani, President and CEO, Commvault. “We’re also delighted to have Jen joining our leadership team. She has a proven track record of scaling and leading finance and operations teams at high growth companies and is a perfect fit for Commvault.”
“The growth that Commvault has seen over the last two years is impressive. During that time, I’ve worked closely with our sales and partner leadership globally to instill close strategic alignment,” said Merrill. “I’m excited to take those relationships to the next level as CCO, as we focus on reaching $1 billion in ARR by FY’26. I also look forward to partnering with Jen as we transition into our new roles.”
“I’m thrilled to join Commvault at such a pivotal time,” said DiRico. “Commvault’s highly successful transition to a subscription and SaaS model is world-class. I look forward to expediting Commvault’s profitable growth as the company leads the charge in cyber resilience. I’m also excited to work closely with employees around the globe, including the company’s talented leadership team.”
About Commvault
Commvault (NASDAQ: CVLT) is the gold standard in cyber resilience, helping more than 100,000 organizations keep data safe and businesses resilient and moving forward. Today, Commvault offers the only cyber resilience platform that combines the best data security and rapid recovery at enterprise scale across any workload, anywhere—at the lowest TCO.
More related posts
Commvault Encourages Organizations to Adopt a Four-Step Approach to Resilience in the Age of Frontier AI
Michael J. Melnyk, CFA Commvault 732-870-4581 mmelnyk@commvault.com
Tinton Falls, N.J. – July 2, 2024 – Commvault (NASDAQ: CVLT) – Commvault will webcast a discussion of its first quarter fiscal year 2025 earnings results on Tuesday, July 30, 2024 beginning at 8:30 a.m. EST at http://ir.commvault.com.
Commvault (NASDAQ: CVLT) is the gold standard in cyber resilience, helping more than 100,000 organizations keep data safe and businesses resilient and moving forward. Today, Commvault offers the only cyber resilience platform that combines the best data security and rapid recovery at enterprise scale across any workload, anywhere—at the lowest TCO.
More related posts
Commvault Encourages Organizations to Adopt a Four-Step Approach to Resilience in the Age of Frontier AI
TINTON FALLS, NJ – June 25, 2024 – Commvault, a leading provider of cyber resilience and data protection solutions for the hybrid cloud, today in collaboration with research firm GigaOm, released its 2024 Cyber Recovery Readiness Report.This eye-opening, global survey of 1,000 security and IT respondents across 11 countries directly addresses a fundamental question – “what can businesses do to be more resilient in the face of cyberattacks?”
Commvault and GigaOm were able to pinpoint five key capabilities, also called resiliency markers, that when deployed together, helped companies recover faster from cyberattacks and experience fewer breaches compared to companies that did not follow the same path.
These five resiliency markers emerged after data analysis teams combed through survey results across a range of topics including: how often companies were breached, what resilience technologies were (or were not) deployed, and how rapidly businesses were able to recover data and resume normal operations. The resiliency markers are as follows:
Security tools that enable early warning about risk, including insider risk.
A known-clean dark site or secondary system in place.
An isolated environment to store an immutable copy of the data.
Defined runbooks, roles, and processes for incident response.
Specific measures to show cyber recovery readiness and risk.
In assessing the results, only 13% of respondents were categorized as cyber mature. The survey yielded very interesting observations:
Faster recoveries: Cyber mature organizations, those that have deployed at least four of the five resiliency markers, recovered 41% faster than respondents with only zero or one marker.
Fewer breaches: Overall, cyber mature organizations report experiencing fewer breaches compared with companies that have less than four markers.
Better confidence about cyber readiness: 54% of cyber mature organizations were completely confident in their ability to recover from a breach, compared to only 33% of less prepared organizations.
Frequent testing makes a big difference: 70% of cyber mature organizations tested their recovery plans quarterly, compared to 43% of organizations with only zero or one maturity marker, that tested with this same frequency.
Supporting Quotes
“One of the key findings from the research is that in order to truly advance cyber preparedness, organizations can’t cut corners. We saw significant disparities in resilience between organizations that deployed one or two of the resiliency markers versus four or five,” said Chris Ray, Cybersecurity Analyst, GigaOm. “It’s critical that organizations think about resiliency in layers. Less than 85% of respondents surveyed do that today. This needs to rapidly change if companies want to be resilient and have the upper hand against bad actors.”
“As we drill down into these cyber capabilities, key practices are emerging as fundamentally critical to any cyber preparedness strategy, and testing for cyber recovery readiness is one of them,” said Tim Zonca, VP, Portfolio Marketing, Commvault. “Companies that just focus on testing for disaster recovery are missing the boat. Given the evolving nature of cyber threats, frequent and modern testing practices for cyber recovery are essential so environments are not re-infected and recovery processes are robust.”
Commvault in conjunction with GigaOm conducted this inaugural study of 1,000 respondents across 11 countries in April 2024 to better understand their views on cyber readiness and how prepared their organizations are in the face of cyber threats. Respondents were from companies earning at least $10 million in annual revenues, with the majority earning $500 million or more. Thirty-five percent of respondents were board-level or C-Suite executives, 48% were senior-level management, and the remaining 17% were mid- or junior-level management. The 11 countries included in the survey are Australia, Canada, France, Germany, Italy, Japan, Netherlands, Spain, Sweden, United Kingdom, and United States.
About Commvault
Commvault (NASDAQ: CVLT) is the gold standard in cyber resilience, helping more than 100,000 organizations keep data safe and businesses resilient and moving forward. Today, Commvault offers the only cyber resilience platform that combines the best data security and rapid recovery at enterprise scale across any workload, anywhere—at the lowest.
More related posts
Commvault Encourages Organizations to Adopt a Four-Step Approach to Resilience in the Age of Frontier AI
TINTON FALLS, NJ – June 3, 2024 – Commvault, a leading provider of cyber resilience and data protection solutions for hybrid cloud organizations, today announced its sponsorship of the MI New York, the defending champions of Major League Cricket (MLC).
Anna Griffin, Chief Market Officer at Commvault, shared her excitement: “Sponsoring the MI New York cricket team is Commvault’s opportunity to support one of the most dynamic and fast-growing sports in the world. It’s a no-brainer! This partnership not only allows us to engage with cricket fans but also reinforces our dedication to fostering community and resilience. We’re excited to share the Commvault spirit and support the MI New York team on their journey. We’re thrilled to connect with cricket fans and bring the Commvault spirit to the pitch.”
Cricket fans get ready to join Commvault in supporting the MI New York team! Look for the Commvault logo on jerseys, stadium signage, and across TV and social media platforms. Commvault’s sponsorship will feature exciting opportunities to engage with fans, including exclusive watch parties, contests, and cricket clinics with professional players. Fans, partners, and customers will also have the chance to join these events in Dallas and Morrisville stadiums and help fuel our connection with the cricket community. Additionally, as part of our commitment to community engagement, tickets in both locations may be offered to local charitable initiatives, ensuring that more people can experience the excitement of the game!
“MI New York is excited to team up with Commvault. This partnership is a testament to the growing appeal of cricket in the U.S. and reflects our shared commitment to excellence and developing the cricket ecosystem in America,” MI New York said in a statement. “Together, we aim to bring the excitement of cricket to new audiences and demonstrate the importance of resilience both on and off the field. We look forward to a successful season and a partnership that brings fans closer to the action.”
Cricket is the second most watched sport globally, with over 2.5 billion fans. As cricket’s popularity surges in the United States, Commvault’s collaboration with MI New York aims to bring the thrill of the game to a broader, more diverse audience and serves as an opportunity to educate an untapped global fanbase about the importance of resilience – critical knowledge that is applicable to both personal and professional life, whether on the pitch or in a Commvault Cleanroom defending against cyber attacks.
Tune In and Support
Join Commvault in supporting the MI New York team as they kick off the season on July 5th. For more details on the schedule and how to watch, visit Commvault’s official blog.
About Commvault
Commvault (NASDAQ: CVLT) is the gold standard in cyber resilience, helping more than 100,000 organizations keep data safe and businesses resilient and moving forward. Today, Commvault offers the only cyber resilience platform that combines the best data security and rapid recovery at enterprise scale across any workload, anywhere—at the lowest TCO.
About MI New York
MI New York is a T20 cricket team which plays in the Major League Cricket. Established in 2023, MI New York are the inaugural and defending champions of MLC. MI New York is part of the MI family, which has won 10 titles across various leagues across the world.
Since its inception in 2008, Mumbai Indians has been one of the most successful teams in the Indian Premier League. It is owned by Indiawin Sports Pvt. Ltd, a subsidiary of Reliance Industries, one of India’s largest conglomerates.
Today MI is a global cricketing force, with five T20 teams spanning three continents, and four countries including both men and women. The year 2023 marked a pivotal moment for the MI family, as it established Mumbai Indians in the women’s Premier League, along with MI Cape Town in SA20, MI Emirates in ILT20, and MI New York in MLC.
Over 17 years, MI’s dedication and commitment to improving the cricketing eco-system, have resulted in 10 league titles, including 5 IPL championships, 2 Champions League victories, and the inaugural WPL and MLC wins in 2023 and IL20 in 2024.
More related posts
Commvault Encourages Organizations to Adopt a Four-Step Approach to Resilience in the Age of Frontier AI
[SINGAPORE/SYDNEY], 27 May 2024 – Commvault, a leading provider of data protection and cyber resilience solutions for hybrid cloud organisations, today announced the appointment of Gareth Russell as Field Chief Technology Officer, Security for Asia Pacific (APAC). This newly created role reflects Commvault’s commitment to extending its deep technical expertise in data security and cyber resilience to more customers and partners in the region – critical in the ransomware era.
A seasoned cybersecurity veteran, Russell brings years of extensive experience in cyber strategy, risk management, cyber resilience, and digital transformation to Commvault in the APAC region. With a proven track record of helping organisations and governments across Asia Pacific define and manage their cyber risk postures, Russell has extensive experience in implementing, transforming, and operating capabilities, including embedding cyber security into organisational culture.
“I am excited to bring my experience to Commvault, especially at a time when cyber risks are intensifying in our region. My focus will be on enhancing cyber resilience strategies including helping organisations across APAC strengthen their recovery capabilities. These days, when it comes to cyberattacks, it’s not a matter of if but when, and I look forward to working with enterprises to advance their cyber readiness and preparedness,” said Russell.
The recent State of Data Readiness market analysis by Commvault & Tech Research Asia has identified critical lapses in cyberattack recovery efforts across APAC organisations.
According to the report, cyber resiliency awareness is on the rise across ANZ, but maturity levels remain low. The data reveals 50% of organisations have a “very immature” cyber resiliency capability level, and only 4% believe they have a proactive, mature capability. The data also shows that cyberattacks are not abating, with many organisations still vulnerable to significant breaches, especially targeting backup and production data.
Additionally, 62% of Australian and 68% of New Zealand organisations report at least one cyberattack in the last 12 months, and respondents in Singapore, Thailand, and Vietnam suffered the most attacks on data environments including production, secondary, and backups. Of those organisations that experienced a cyberattack, only 35% successfully recovered 100% of their data.
A key priority for Russell in his new role is to work with organisations to strengthen their cyber resilience strategy and help them safeguard against this increasing frequency and sophistication of cyber threats.
“We have made significant strides in recent months to assemble a senior team with unparalleled skills and experience. Gareth’s appointment furthers the expertise we can provide to our customers and partners as they work to keep their data safe and secure,” said Martin Creighan, Vice President, Asia Pacific, Commvault.
Commvault (NASDAQ: CVLT) is the gold standard in cyber resilience, helping more than 100,000 organisations keep data safe and businesses resilient and moving forward. Today, Commvault offers the only cyber resilience platform that combines the best data security and rapid recovery at enterprise scale across any workload, anywhere—at the lowest TCO.
More related posts
Commvault Encourages Organizations to Adopt a Four-Step Approach to Resilience in the Age of Frontier AI
TINTON FALLS, NJ – June 5, 2024 – Commvault, a leading provider of cyber resilience and data protection solutions for hybrid cloud organizations, is proud to announce that its SaaS-delivered data protection offerings have achieved the Federal Risk and Authorization Management Program (FedRAMP®) High Authorization. This certification signifies that Commvault Cloud for Government can securely handle the most sensitive, controlled unclassified information (CUI) in cloud computing environments for government agencies and contractors, providing unmatched data protection and cyber resilience.
FedRAMP is a government certification program that provides a standardized security assessment for SaaS application vendors to become authorized to work with federal and state agencies in the United States. Built on a three-level framework, FedRAMP High Authorization, the highest level of security authorization within the program, ensures that cloud solutions meet the stringent security standards established by the National Institute of Standards and Technology (NIST) and can protect data in accordance with the U.S. government’s most rigorous security protocols.
Commvault’s achievement of FedRAMP High Authorization for its Commvault Cloud for Government SaaS-delivered data protection solution demonstrates the company’s commitment to providing government agencies with the highest level of data protection and cyber resilience, helping to ensure their critical data remains secure and available in the face of evolving cyber threats.
“We are thrilled to have achieved FedRAMP High Authorization for our Commvault Cloud for Government offering,” said Don Maruca, Vice President, Federal, Commvault. “This certification validates our dedication to delivering secure and reliable data protection solutions for government agencies. With our FedRAMP High Authorization, customers can have confidence in the security and cyber resilience of their data, knowing that it is protected by the strictest industry-leading protocols and benchmarks.”
Commvault Cloud elevates cyber resilience beyond the norm, making it easy to implement the recovery readiness and testing practices outlined in legislation like DORA and frameworks like NIST.
With features such as continuous cyber recovery plan testing and the ability to recover automatically to an isolated, secure cleanroom in the cloud, Commvault transforms immutable data storage into a proactive resilience mechanism. Government agencies can now safeguard their data while actively engaging with it to ensure uninterrupted operations and rapid response to cyber incidents.
Commvault Cloud’s FedRAMP High Authorization applies specifically to its Commvault Cloud for Government SaaS offerings. These dedicated solutions are designed to meet the unique needs of federal agencies and are hosted exclusively using government cloud deployment models, which are also compliant with U.S. government and federal regulations.
“The U.S. Department of the Treasury, as the initial agency supporting Commvault Cloud for Government (formerly Metallic), congratulates the FedRAMP team, our internal security team and Commvault for achieving the FedRAMP High Authorization as of 17 May 2024, the Federal government’s highest cybersecurity certification for protecting controlled unclassified information (CUI).”
“The FedRAMP team has completed the review of the Commvault Cloud for Government (formerly Metallic) authorization package and concluded FedRAMP High Authorization. FedRAMP acknowledges that this achievement is based on the support of Federal agencies such as the Department of the Treasury in their role as the initial agency to issue an ATO, Commvault as the CSP, and Coalfire and the Treasury security team as the independent assessors.”
“NIST has authorized and is currently using Commvault Cloud for Government (formerly Metallic). NIST commends the FedRAMP team and the Department of the Treasury in completing the approval of the FedRAMP High Authorization for Commvault Cloud for Government on 17 May 2024.”
“This certification is yet another clear indicator that Commvault Cloud is a critical tool for government agencies handling sensitive data in the cloud,” said Craig P. Abod, President, Carahsoft. “As a long-standing Commvault partner, we look forward to working with our reseller partners to provide these newly authorized solutions to our public sector customers. With its FedRAMP High Authorization, Commvault is now in a league of its own, going beyond data protection to provide top-tier data security and rapid recoverability from cyber attacks.”
Commvault Cloud’s FedRAMP High Authorized solutions are currently available for purchase by US agencies and organizations. The FedRAMP Marketplace, a public government-controlled portal, lists all FedRAMP designated solutions and provides a catalog for government agencies to discover authorized solutions.
Commvault Cloud SaaS solutions are also FIPS 140-2 Compliant, ISO/IEC 27001: 2013 Certified, NIST 800-53 CP9 & CP10 Compliant, SOC 2 Type II Compliant, CJIS Compliant, and Infosec Registered Assessor Program (IRAP) PROTECTED.
For more information about Commvault Cloud’s FedRAMP High Authorized data protection and cyber resilience offerings, visit commvault.com.
About Commvault
Commvault (NASDAQ: CVLT) is the gold standard in cyber resilience, helping more than 100,000 organizations keep data safe and businesses resilient and moving forward. Today, Commvault offers the only cyber resilience platform that combines the best data security and rapid recovery at enterprise scale across any workload, anywhere—at the lowest TCO.
More related posts
Commvault Encourages Organizations to Adopt a Four-Step Approach to Resilience in the Age of Frontier AI
TINTON FALLS, NJ – May 13, 2024 — Commvault, a leading provider of cyber resilience and data protection solutions for the hybrid cloud, announced today that CRN®, a brand of The Channel Company, has named 19 of the company’s global executives to the Women of the Channel List for 2024.
Every year, CRN highlights women from vendor, distributor, and solution provider organizations whose vision and leadership have a beneficial influence on the technology industry. The CRN 2024 Women of the Channel honorees are creative, strategic leaders who show ongoing commitment to using their skills to innovate and drive success for their partners and customers.
With this recognition, CRN honors these women leaders for their unwavering dedication and commitment to furthering channel excellence.
Commvault’s honorees on the 2024 list include:
Kari Anderson
Senior Manager, Partner Marketing
Gwen D’Arcy
Senior Partner Campaign Manager
Teresa Dobervich
Senior Manager, Partner Marketing
Dana Epstein
Sr Channel Sales Manager, Americas Distribution
Monique Gibelli
Director, Partner Development
Kristin Heisner
Senior Director, Global Partner Marketing
Ines Helou
Senior MSP Marketing Manager
Kathy Hickey
Director, Partner Development, Lumen
Rhonda Hoy
Partner Business Manager, Americas
Dominque LeBlond
Director, International Partner Marketing
Jessica Lemmon
SLED Partner Manager
Daria Wosztyl
Channel Manager
Cathy Moncayo
Director, Americas Partner Marketing
Alexandra Napoleoni Romano
Partner Business Manager
Shirley Scarborough
Director, Partner Program Experience
Oylum Tagmac
Senior Director, EMEAI Channel
Maria Torres
Senior Manager, Global Partner Marketing
Aritrisha Mitra
Partner Communication Manager, Worldwide
Kim Wyzykowski
Senior Global Partner Program Manager
“At Commvault, our robust partner ecosystem empowers us to deliver unmatched cyber resilience solutions to customers around the world,” said Alan Atkinson, Chief Partner Officer, Commvault. “The collective talent, leadership, and vision of these 19 organizational leaders is shaping the future of Commvault’s Partner Advantage Program so we can continue delivering
risk, readiness, recovery, and rebuild capabilities that help organizations protect themselves in an evolving and sophisticated threat landscape.”
“It is a great privilege to honor the remarkable achievements of these women leaders in the IT channel,” said Jennifer Follett, VP, U.S. Content and Executive Editor, CRN at The Channel Company. “Each woman on the list has demonstrated a deep commitment to innovation and leadership that advances their organizations and drives transformation and success across the IT channel.”
The 2024 Women of the Channel list will be featured in the June issue of CRN Magazine, with online coverage starting May 13 at www.CRN.com/WOTC.
About Commvault: Commvault (NASDAQ: CVLT) is the gold standard in cyber resilience, helping more than 100,000 organizations keep data safe and businesses resilient and moving forward. Today, Commvault offers the only cyber resilience platform that combines the best data security and rapid recovery at enterprise scale across any workload, anywhere—at the lowest TCO.
More related posts
Commvault Encourages Organizations to Adopt a Four-Step Approach to Resilience in the Age of Frontier AI
TINTON FALLS, NJ – May 6, 2024 – Commvault, a leading provider of cyber resilience and data protection solutions for the hybrid cloud, announced it has been named a winner in the category for Trailblazing Cyber Resilience at the Global InfoSec Awards during RSA Conference 2024. The award recognizes key offerings from Commvault that advance cyber resilience and help organizations prepare for, withstand, and swiftly recover after a cyber incident.
This recognition from Cyber Defense Magazine underscores and illustrates the power and importance of Commvault® Cloud, powered by Metallic AI – Commvault’s new platform purpose-built for cyber resilience, and designed to enable users to predict threats faster, make clean recoveries, and accelerate threat response times – all at the lowest possible TCO. With Commvault Cloud’s unique and highly scalable architecture, customers can secure and recover their data, across any workload, any infrastructure, and from any location to any location. Additionally, the platform meets the most stringent global security standards and is currently the only FedRAMP High In Process data protection platform.
“We scoured the globe looking for cybersecurity innovators that could make a huge difference and potentially help turn the tide against the exponential growth in cyber-crime. Commvault is absolutely worthy of this coveted award and consideration for deployment in your environment,” said Yan Ross, Global Editor of Cyber Defense Magazine.
The award also recognizes key cyber resilience innovations offered via Commvault Cloud, including Commvault Cloud Cleanroom Recovery. With Cleanroom Recovery, customers can test cyber recovery plans, conduct secure forensic analysis, and recover from cyberattacks faster – all through a safe, cloud-isolated cleanroom.
“We are proud to receive this prestigious award and believe it recognizes our mission to help customers be resilient in the face of ongoing threats and cyberattacks,” said Tim Zonca, VP, Portfolio Marketing, Commvault. “Our innovative Commvault Cloud platform and core cyber resilience services offer outstanding protection and fast recovery of any workload in any cloud. This helps businesses globally defend their critical data and test just how resilient they are when up against today’s emerging threats.”
In the future, via Commvault’s recent Appranix acquisition, customers will be able to uniquely blend risk, readiness, and recovery capabilities provided by Commvault with cloud application rebuild capabilities provided by Appranix. This helps customers rapidly rebuild and get critical distributed cloud applications and production infrastructure fully operational after an outage or cyberattack so normal business functions can resume as quickly as possible.
More Information
See Commvault Cloud Cleanroom Recovery in action this week at RSA: May 6-9, North Expo Booths #5778 and #4308.
Learn more about Cleanroom Recovery via this blog and our website.
About CDM InfoSec Awards
This is Cyber Defense Magazine’s twelfth year of honoring InfoSec innovators from around the Globe. Our submission requirements are for any startup, early stage, later stage, or public companies in the INFORMATION SECURITY (INFOSEC) space who believe they have a unique and compelling value proposition for their product or service. Learn more at www.cyberdefenseawards.com
About Cyber Defense Magazine
Cyber Defense Magazine is the premier source of cyber security news and information for InfoSec professions in business and government. We are managed and published by and for ethical, honest, passionate information security professionals. Our mission is to share cutting-edge knowledge, real-world stories and awards on the best ideas, products, and services in the information technology industry. We deliver electronic magazines every month online for free, and special editions exclusively for the RSA Conferences. CDM is a proud member of the Cyber Defense Media Group. Learn more about us at https://www.cyberdefensemagazine.com and visit https://www.cyberdefensetv.com and https://www.cyberdefenseradio.com to see and hear some of the most informative interviews of many of these winning company executives. Join a webinar at https://www.cyberdefensewebinars.com and realize that infosec knowledge is power.
About Commvault
Commvault (NASDAQ: CVLT) is the gold standard in cyber resilience, helping more than 100,000 organizations keep data safe and businesses resilient and moving forward. Today, Commvault offers the only cyber resilience platform that combines the best data security and rapid recovery at enterprise scale across any workload, anywhere—at the lowest TCO.
More related posts
Commvault Encourages Organizations to Adopt a Four-Step Approach to Resilience in the Age of Frontier AI
TINTON FALLS, NJ – May 1, 2024 – Commvault, a leading provider of cyber resilience and data protection solutions for hybrid cloud organizations, is excited to make its RSA Conference debut where attendees can visit Booth #N-5778 to experience what we believe is the first and only dedicated cleanroom experience for cyber recovery. Attendees can also see the latest in cyber resilience at Commvault’s second location, Booth #N-4308. Commvault’s full schedule will include a range of activities on the expo floor and beyond.
Welcome to the Modern World of Cyber Recovery: Commvault Cleanroom at Experience #N-5778: Dive into the future where recovery, testing, and resilience converge. It’s called Commvault Cloud Cleanroom Recovery. This isolated environment is designed to test and strengthen your cyber resilience. It functions as a classroom to enlighten your team about unknown threats and a strategic war room for crafting realistic plans to tackle new compliance challenges. Discover how to fight attackers in an increasingly complex digital landscape. While Cleanroom Recovery typically exists in the cloud, we’ve brought it to the physical world at RSA.
Discover Cutting-Edge Solutions at Booth #N-4308: Dive deep into the groundbreaking capabilities of Commvault Cloud Cleanroom Recovery:
Test your organization’s cyber recovery plans and backup production systems before an attack occurs.
Recover data and applications swiftly and automatically.
Rebuild your digital infrastructure with confidence and agility after cyber incidents.
Exclusive Demos:
Don’t miss our live demos to see how Commvault equips you to Test, Recover, and Rebuild with unmatched efficiency. Understand why our solutions are a must-see for CISOs seeking robust cyber resilience strategies.
Augmented Reality (AR) and Gaming Giveaways:
Schedule a demo or meeting at Booth #N-4308 and enter our raffle to win fantastic prizes, including an Xbox Series S, Meta Quest 2, and iRobot Braava Jet m6.
Featured Events:
RSA Kickoff Party: Join us and our partners, Trellix & AWS, for the RSAC Party at SF MOMA (151 3rd Street, San Francisco, CA 94103) on May 6th, starting at 7:00 PM. Register here to secure your spot.
Public Sector Insights: Gain insights into solutions tailored for the public sector at the Hilton Union Square (333 O’Farrell Street, San Francisco, CA 94102) on May 6th, from 11:00 AM – 3:00 PM. Click here for more information and to register.
Networking Reception: Network with industry leaders at Carahsoft’s Reception at Charmaine’s Rooftop Bar (45 McAllister Street, San Francisco, CA 94102) on May 7th at 6:00 PM. Space is limited – register now and arrive early!
For an in-depth exploration of Commvault’s latest cyber resilience solutions, including Cleanroom Recovery, visit us at North Expo, Booth #4308 and Experience #5778.
About Commvault
Commvault (NASDAQ: CVLT) is the gold standard in cyber resilience, helping more than 100,000 organizations keep data safe and businesses resilient and moving forward. Today, Commvault offers the only cyber resilience platform that combines the best data security and rapid recovery at enterprise scale across any workload, anywhere—at the lowest TCO.
More related posts
Commvault Encourages Organizations to Adopt a Four-Step Approach to Resilience in the Age of Frontier AI
Tinton Falls, N.J. – April 30, 2024– Commvault [Nasdaq: CVLT] today announced its financial results for the fourth quarter and fiscal year ended March 31, 2024.
“We had an outstanding quarter and a breakout year, highlighted by 10% total revenue growth and 15% total ARR growth in the fourth quarter,” said Sanjay Mirchandani, President and CEO. “Our Commvault Cloud platform is resonating with customers, who entrust us with their data and resilience in this era of unrelenting cyber threats.”
Fiscal 2024 FourthQuarter Highlights –
Total revenues were $223.3 million, up 10% year over year
Subscription revenue was $119.9 million, up 27% year over year
Income from operations (EBIT) was $18.2 million, an operating margin of 8.1%
Non-GAAP EBIT1 was $45.2 million, an operating margin of 20.2%
Operating cash flow was $80.0 million, with free cash flow1 of $79.1 million
Fourth quarter share repurchases were $50.4 million, or approximately 547,000 shares of common stock
Fiscal 2024 Full Year Highlights –
Total revenues were $839.2 million, up 7% year over year
Total ARR2 grew to $770 million, up 15% year over year
Subscription revenue was $429.2 million, up 23% year over year
Subscription ARR2 grew to $597 million, up 25% year over year
Income from operations (EBIT) was $75.4 million, an operating margin of 9.0%
Non-GAAP EBIT1 was $177.5 million, an operating margin of 21.1%
Operating cash flow was $203.8 million, with free cash flow1 of $200 million
Full year share repurchases were $184.0 million, or approximately 2,479,000 shares of common stock
Financial Outlook for First Quarter and Full Year Fiscal 20253–
We are providing the following guidance for the first quarter of fiscal year 2025:
Total revenues are expected to be between $213 million and $216 million
Subscription revenue is expected to be between $116 million and $119 million
Non-GAAP operating margin1 is expected to be between 18% to 19%
We are providing the following guidance for the full fiscal year 2025:
Total revenues are expected to be between $904 million and $914 million
Total ARR2 is expected to grow 14% year over year
Subscription revenue is expected to be between $514 million and $518 million
Subscription ARR2 is expected to grow between 21% to 23% year over year
Non-GAAP operating margin1 is expected to be between 20% to 21%
Free cash flow1 is expected to be at least $200 million
The above statements are based on current targets using exchange rates as of April 29, 2024. These statements are forward-looking and made pursuant to the safe harbor provisions discussed in detail below. We do not undertake any obligation to update these forward-looking statements. Actual results may differ materially from anticipated results.
Use of Non-GAAP Financial Measures
Commvault has provided in this press release the following non-GAAP financial measures: non-GAAP income from operations (EBIT), non-GAAP income from operations margin, non-GAAP net income, non-GAAP diluted earnings per share, non-GAAP free cash flow, annualized recurring revenue (ARR) and subscription ARR. This financial information has not been prepared in accordance with GAAP. Commvault uses these non-GAAP financial measures internally to understand, manage and evaluate its business and make operating decisions. In addition, Commvault believes these non-GAAP operating measures are useful to investors, when used as a supplement to GAAP financial measures, in evaluating Commvault’s ongoing operational performance. Commvault believes that the use of these non-GAAP financial measures provides an additional tool for investors to use in evaluating ongoing operating results and trends, and in comparing its financial results with other companies in Commvault’s industry, many of which present similar non-GAAP financial measures to the investment community. Commvault has also provided its revenues on a constant currency basis. Commvault analyzes revenue growth on a constant currency basis in order to provide a comparable framework for assessing how the business performed excluding the effect of foreign currency fluctuations.
All of these non-GAAP financial measures should be considered as a supplement to, and not as a substitute for, financial information prepared in accordance with GAAP. Investors are encouraged to review the reconciliation of these non-GAAP measures to their most directly comparable GAAP financial measures, which are included in this press release. (Download Financial Tables)
Non-GAAP income from operations and non-GAAP income from operations margin. These non-GAAP financial measures exclude noncash stock-based compensation charges and additional Federal Insurance Contribution Act (FICA) and related payroll tax expense incurred by Commvault when employees exercise in the money stock options or vest in restricted stock awards. Commvault has also excluded restructuring costs, noncash amortization of intangible assets, noncash impairment charges, and a gain related to a non-refundable escrow payment associated with the pending sale of Commvault’s headquarters from its non-GAAP results. These expenses are further discussed in Table IV. Commvault believes that these non-GAAP financial measures are useful metrics for management and investors because they compare Commvault’s core operating results over multiple periods. When evaluating the performance of Commvault’s operating results and developing short- and long-term plans, Commvault does not consider such expenses.
Although noncash stock-based compensation and the additional FICA and related payroll tax expenses are necessary to attract and retain employees, Commvault places its primary emphasis on stockholder dilution as compared to the accounting charges related to such equity compensation plans. Commvault believes that providing non-GAAP financial measures that exclude noncash stock-based compensation expense and the additional FICA and related payroll tax expenses incurred on stock option exercises and vesting of restricted stock awards allow investors to make meaningful comparisons between Commvault’s operating results and those of other companies.
There are a number of limitations related to the use of non-GAAP income from operations and non-GAAP income from operations margin. The most significant limitation is that these non-GAAP financial measures exclude certain operating costs, primarily related to noncash stock-based compensation, which is of a recurring nature. Noncash stock-based compensation has been, and will continue to be for the foreseeable future, a significant recurring expense in Commvault’s operating results. In addition, noncash stock-based compensation is an important part of Commvault’s employees’ compensation and can have a significant impact on their performance. The following table presents the stock-based compensation expense included in cost of revenues, sales and marketing, research and development and general and administrative ($ in thousands):
The components that Commvault excludes in its non-GAAP financial measures may differ from the components that its peer companies exclude when they report their non-GAAP financial measures. Due to the limitations related to the use of non-GAAP measures, Commvault’s management assists investors by providing a reconciliation of each non-GAAP financial measure to the most directly comparable GAAP financial measure. Commvault’s management uses non-GAAP financial measures only in addition to, and in conjunction with, results presented in accordance with GAAP.
Non-GAAP net income and non-GAAP diluted earnings per share (EPS). In addition to the adjustments discussed in non-GAAP income from operations, non-GAAP net income and non-GAAP diluted EPS incorporates a non-GAAP effective tax rate of 27%.
Commvault anticipates that in any given period its non-GAAP tax rate may be either higher or lower than the GAAP tax rate as evidenced by historical fluctuations. The GAAP tax rates in recent fiscal years were not meaningful percentages due to the dollar amount of GAAP pre-tax income. For the same reason as the GAAP tax rates, the estimated cash tax rates in recent fiscal years are not meaningful percentages. Commvault defines its cash tax rate as the total amount of cash income taxes payable for the fiscal year divided by consolidated GAAP pre-tax income. Over time, Commvault believes its GAAP and cash tax rates will align.
Commvault considers non-GAAP net income and non-GAAP diluted EPS useful metrics for Commvault management and its investors for the same basic reasons that Commvault uses non-GAAP income from operations and non-GAAP income from operations margin. In addition, the same limitations as well as management actions to compensate for such limitations described above also apply to Commvault’s use of non-GAAP net income and non-GAAP diluted EPS.
Non-GAAP free cash flow. Commvault defines this non-GAAP financial measure as net cash provided by operating activities less purchases of property and equipment. Commvault considers non-GAAP free cash flow a useful metric for Commvault management and its investors in evaluating Commvault’s ability to generate cash from its business operations. In addition, the same limitations as well as management actions to compensate for such limitations described above also apply to Commvault’s use of non-GAAP free cash flow.
Forward-looking non-GAAP measures. In this press release, Commvault presents certain forward-looking non-GAAP metrics. Commvault cannot provide a reconciliation to the comparable GAAP metric without unreasonable efforts, as certain financial information, the probable significance of which may be material, is not available and cannot be reasonably estimated.
Conference Call Information
Commvault will host a conference call today, April 30, 2024 at 8:30 a.m. Eastern Time (5:30 a.m. Pacific Time) to discuss quarterly results. The live webcast and call dial-in numbers can be accessed by registering under the “Events” section of Commvault’s website. An archived webcast of this conference call will also be available following the call.
About Commvault
Commvault (NASDAQ: CVLT) is the gold standard in cyber resilience, helping more than 100,000 organizations keep data safe and businesses resilient and moving forward. Today, Commvault offers the only cyber resilience platform that combines the best data security and rapid recovery at enterprise scale across any workload, anywhere—at the lowest TCO.
Safe Harbor Statement
This press release may contain forward-looking statements, including statements regarding financial projections, which are subject to risks and uncertainties, such as competitive factors, difficulties and delays inherent in the development, manufacturing, marketing and sale of software products and related services, general economic conditions, outcome of litigation and others. For a discussion of these and other risks and uncertainties affecting Commvault’s business, see “Item 1A. Risk Factors” in our annual report on Form 10-K and “Item 1A. Risk Factors” in our most recent quarterly report on Form 10-Q. Statements regarding Commvault’s beliefs, plans, expectations or intentions regarding the future are forward-looking statements, within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All such forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Actual results may differ materially from anticipated results. Commvault does not undertake to update its forward-looking statements.
A reconciliation of GAAP to non-GAAP results has been provided in Financial Statement Table IV included in this press release. An explanation of these measures is also included under the heading “Use of Non-GAAP Financial Measures.”
Annualized Recurring Revenue (ARR) is defined as the annualized recurring value of all active contracts at the end of a reporting period. It includes the following contract types: subscription (including term licenses, SaaS and utility software), maintenance contracts related to perpetual licenses, other extended maintenance contracts (enterprise support), and managed services. It excludes any element of the arrangement that is not expected to recur, primarily perpetual licenses and most professional services. Subscription ARR includes only term licenses, SaaS and utility software arrangements. Contracts are annualized by dividing the total contract value by the number of days in the contract term, then multiplying by 365.
ARR should be viewed independently of GAAP revenue, deferred revenue and unbilled revenue and is not intended to be combined with or to replace those items. ARR is not a forecast of future revenue. Management believes that reviewing this metric, in addition to GAAP results, helps investors and financial analysts understand the value of Commvault’s recurring revenue streams presented on an annualized basis.
Commvault does not provide forward-looking guidance on a GAAP basis as certain financial information, the probable significance of which cannot be determined, is not available and cannot be reasonably estimated. See “Use of Non-GAAP Financial Measures” for additional explanation.
More related posts
Commvault Encourages Organizations to Adopt a Four-Step Approach to Resilience in the Age of Frontier AI
TINTON FALLS, NJ – April 29, 2024 – Commvault, a leading provider of cyber resilience and data protection solutions for the hybrid cloud, is announcing a new era in cleanroom technology.
Via its groundbreaking Commvault® Cloud Cleanroom™Recovery offering, the company is transforming – from every vantage point – what recovery looks like in the modern world:
how companies can safely and securely recover a clean copy of their data after a cyberattack;
where they can recover to – ushering in on-demand cleanroom recovery to the cloud;
which companies can access cleanroom technology – not just the Fortune 50, but organizations of all sizes; and
when recovery testing can be done – monthly if desired – so CISOs can say with confidence to their board, ‘when we’re hit, we know we can make a clean recovery.’
A cleanroom is an isolated recovery environment that is frequently used for secure cyber recovery scenarios. However, traditional cleanrooms are often resource-intensive, requiring organizations to maintain duplicative environments for every critical application across every server and every location. Many organizations simply can’t afford to do this.
Additionally, many companies don’t have the time, money, or staff required to test all the interdependencies across these types of hybrid environments to know they can recover when attacked. If they can test, and it fails, they often don’t have the resources to test again. This leaves organizations unpracticed, vulnerable, and at the mercy of bad actors. Commvault is solving these problems.
Commvault has reimagined the cleanroom from the ground up.
First, Cleanroom Recovery is being extended to support Commvault’s SaaS customers*. This deployment option democratizes the technology so that companies of all sizes can benefit from the offering. Second, the cleanroom is being hosted in the cloud. When bad actors strike, Cleanroom Recovery is designed to orchestrate recovery into a clean, isolated location in Microsoft Azure. Customers can do this on-demand and only pay for it when they use it. Third, Cleanroom Recovery uniquely gives organizations the ability to rapidly and regularly test and, if necessary, retest their cyber recovery plans with ease across their IT infrastructure.
“With disaster recovery, testing your recovery strategy once a year was fine. For example, with a natural disaster, you didn’t have to worry about bad actors infiltrating your systems. You just needed to be able to recover. Now, with AI-driven attacks, threat vectors change by the hour. The need to not only test your recovery frequently but know you have a clean place to recover in the cloud has never been more important,” said Brian Brockway, CTO, Commvault.
Cleanroom Recovery provides numerous benefits.
Simple:
Customers can quickly set up a cleanroom-on-demand in Microsoft Azure.
Cleanroom Recovery also simplifies the recovery of applications and the data those applications rely on. For example, Cleanroom Recovery will be designed to restore Microsoft Active Directory*. This is the service that controls human access to all applications and other critical enterprise assets. Being able to easily restore Active Directory and validate its consistency and operational health can help ensure proper authorizations to data remain in place.
Secure:
With Commvault, because the cleanroom is generated on-demand in the cloud, it is designed to be untainted since it doesn’t exist until the organization needs to use it.
Commvault cleanrooms are in an isolated environment, so application testing and production system backup can be conducted in a safe space.
Cleanroom Recovery includes an integration with Microsoft Defender that automates threat scanning to help ensure data is clean.
In addition, Cleanroom Recovery will include capabilities** that enable companies to rebuild applications and services from a known clean state, as needed. This can help customers maintain server operations while enhancing security and efficiency.
Intelligent:
AI-enabled Cleanpoint™ Validation automatically empowers customers to rapidly identify the last clean recovery point.
Users can customize recovery sequences, so data is recovered in a logical order. Users can also easily convert VMs from any hypervisor to Azure VMs.
A forthcoming integration with Palo Alto Networks Cortex XSOAR** extends the power of Commvault Cloud Cleanroom Recovery. It enables customers to investigate security incidents by utilizing XSOAR to enrich incidents with the latest threat intelligence data – streamlining the recovery of compromised assets into a cleanroom for forensic analysis and rapid, secure cyber recovery.
With Cleanroom Recovery, customers also benefit from the Commvault Cloud platform, powered by Metallic AI. Commvault Cloud meets the most stringent global security standards and is currently the only FedRAMP High In Process data protection platform. The platform’s unique architecture enables customers to secure and recover their data, across any workload, and from any location to any location. And, in the future, via its recent Appranix acquisition, Cleanroom customers will be able to uniquely blend risk, readiness, and recovery capabilities provided by Commvault with cloud application rebuild capabilities provided by Appranix.
“Enterprises need to think about their cyber preparedness strategy, including protecting mission critical assets via secure and air-gapped backups and the ability to recover fast,” said Aung Oo, General Manager, Azure Storage, Microsoft. “Commvault Cloud Cleanroom Recovery augments air-gapped data protection built on Azure with fast and secure recovery. It enables customers to test their resilience plans, and when necessary, recover to a trusted, clean, isolated location in Microsoft Azure. The clean and isolated copy also enables forensics for auditors and insurers and gives organizations a tremendous advantage in the fight against ransomware and other cyber threats.”
“As cyberthreats grow in frequency and sophistication, global enterprises recognize the need to bolster their defenses with proactive security measures that safeguard not just their data, but the entirety of their business operations,” said Mark Bridges, Sr. Director, Strategic Alliances, Pure Storage. “Pure Storage and Commvault share a deep commitment to empower customers in navigating this journey with confidence, prioritizing rapid recovery that supports comprehensive data protection. We’re thrilled to see the launch of Commvault Cloud Cleanroom Recovery and look forward to our continued partnership to foster a future where businesses thrive securely.”
“Our research shows that ransomware and cyberattacks in general are an existential risk for the vast majority of organizations. In an environment where ransomware and AI-driven cyberattacks are increasingly sophisticated, Commvault Cleanroom Recovery critically enables organizations to maintain operational integrity through a continuous loop of testing and constant adaptation,” said Christophe Bertrand, Practice Director, Enterprise Strategy Group. “This solution not only meets the critical need for resilience but evolves with it.”
Supporting Quotes: Customers
American Pacific Mortgage: “Cleanroom Recovery is a game-changer for Commvault Cloud,” said Michele Buschman, CIO, American Pacific Mortgage. “It enables comprehensive testing, and retesting, on the fly which is something that traditional cleanroom solutions don’t provide. It also is designed to help organizations to rapidly recovery from a cyber incident. The level of confidence and security this innovative solution can provide is invaluable.”
Emerson: “Commvault Cloud Cleanroom Recovery not only enables organizations to test their recovery plans often, but know that if they’re hit, they can be resilient,” said Zach Kruszewski, Manager CCoE Compute Architecture and Design Team, Emerson Electric. “Having this sense of security is so important in the ransomware era.”
Kelyn Technologies US: “We are genuinely excited about the advent of Cleanroom technology in our services,” said Kevin Cronin, CEO & Co-Founder, Kelyn Technologies US. “This approach allows us to test our recoverability and create a meticulous checklist for system recovery, utilizing a fully segmented Cleanroom to rapidly restore critical infrastructure. It’s our answer to mitigating today’s ransomware threats, providing a secure environment to assess and ensure recoverability.”
Other Supporting Quotes
HCLTech: “For over 10 years, some of the world’s largest enterprises have trusted HCLTech and Commvault to deliver offerings that help secure, manage, and recover their data across hybrid and multicloud environments,” said Rampal Singh, Head of Hybrid Cloud Services, HCLTech. “The Cleanroom Recovery solution takes innovation to the next level, enabling us to pioneer a simpler, more intelligent, and achievable approach to cyber resilience.”
Hitachi Vantara: “The launch of Commvault Cloud Cleanroom Recovery represents a powerful addition to Hitachi Vantara’s robust data resilience offerings, and as a result, our shared goal of delivering true cloud security and resilience to customers has never been more attainable,” said Dan McConnell, Senior Vice President of Product Management for Digital Infrastructure, Hitachi Vantara. “Providing customers with the ability to test their cyber recovery plans in advance, along with having a clean recovery point, fills a critical gap in the marketplace today.”
Kyndryl: “Given the changing Regulatory landscape with focus on new and updated Regulatory Technical Standards coming into effect, Cyber Regulation Readiness is a top priority for C-suite and executive board members – they need to know their organization’s data will be secure, recoverable, and quickly operational following an attack,” said Allen Downs, Vice President, Global Resiliency Domain Leader, Kyndryl. “The mindset is – “Business Operational Risk” and the ability to execute and report on their ability to Recover is critical. This is driving the need for mature capabilities to protect and maintain a verifiable copy of critical Data, and driving the need for new workflow processes including Cleanroom Recovery to detect and verify data is free of infection, both to and from a secure airgap immutable Cyber Vault. Capabilities like Cleanroom Recovery enable us to help deliver on this mandate, giving customers a secure, clean space for testing and recovery that balances cost with risk mitigation – now that is true ‘cyber resilience by design’.”
Availability
Unless otherwise noted, the latest features of Cleanroom Recovery are available now.
*Functionality of these features is targeted for availability in summer 2024.
**Functionality of these features is targeted for availability in fall 2024.
More Information
See Cleanroom Recovery in action at RSA: May 6-9, North Expo Booths #5778 and #4308.
Learn more about Cleanroom Recovery via this blog, our website, and by attending our LinkedIn Live today, Monday, April 29 at 1:00 pm ET.
About Commvault
Commvault (NASDAQ: CVLT) is the gold standard in cyber resilience, helping more than 100,000 organizations keep data safe and businesses resilient and moving forward. Today, Commvault offers the only cyber resilience platform that combines the best data security and rapid recovery at enterprise scale across any workload, anywhere—at the lowest TCO.
More related posts
Commvault Encourages Organizations to Adopt a Four-Step Approach to Resilience in the Age of Frontier AI
TINTON FALLS, NJ – April 16, 2024 – Commvault, a leading provider of cyber resilience and data protection solutions for the hybrid cloud, today announced the acquisition of Appranix, a cloud cyber resilience company. Commvault is making this acquisition to help enterprises get up and running even faster after an outage or cyberattack.
According to Statista, the average downtime after a ransomware attack is 24 days. Commvault is helping customers reduce downtime by recovering data rapidly via automation and next-generation cleanroom offerings. But fast data recovery is only part of the equation.
There are dependencies that are necessary to rebuild critical cloud applications, the data those applications rely on, and the cloud infrastructure that runs it all. Dependencies include networking, DNS configuration, application load balancing, security group access, and much more. Appranix automates all of this and can reduce the time it takes to rebuild from days or weeks to, in some cases, hours or minutes.
“We are taking resilience to the next level by marrying Commvault’s extensive risk, readiness, and recovery capabilities with Appranix’s next-generation cloud-native rebuild capabilities,” said Sanjay Mirchandani, President & CEO, Commvault. “We are delighted to welcome Appranix to the Commvault family.”
“Joining the Commvault family is a thrilling and natural next step for Appranix as we jointly change the market,” said Govind Rangasamy, Appranix Founder and CEO. “We share a common vision to go beyond traditional backups and disaster recovery. Our combined technologies will offer comprehensive, unmatched resilience capabilities for businesses globally.”
“Complete cyber resilience is an aspirational goal for most enterprise customers. This acquisition makes cyber resilience-at-speed a reality by extending automated rebuild capabilities to distributed and dynamic cloud applications,” said Archana Venkatraman, Research Director, Cloud Ops and Cloud Data Management, IDC.
The Appranix team will join Commvault imminently and the integration of Appranix’s technology into Commvault’s portfolio is expected to be completed by this summer. In the meantime, customers can leverage Appranix for their cloud application discovery and rebuild requirements, via the AWS, Google Cloud, and Microsoft Azure marketplaces.
More Information
To learn more about this news, read the latest blog.
Commvault was advised by Hogan & Lovell LLP.
About Commvault
Commvault (NASDAQ: CVLT) is the gold standard in cyber resilience, helping more than 100,000 organizations keep data safe and businesses resilient and moving forward. Today, Commvault offers the only cyber resilience platform that combines the best data security and rapid recovery at enterprise scale across any workload, anywhere—at the lowest TCO.
About Appranix
Appranix has revolutionized cloud-native cyber resilience with its innovative approach to rapid cyber recovery and business continuity. Their technology allows businesses to seamlessly protect, recover, and manage cloud applications and data against modern cyber threats.
More related posts
Commvault Encourages Organizations to Adopt a Four-Step Approach to Resilience in the Age of Frontier AI
TINTON FALLS, NJ – April 10, 2024 – Commvault, a leading provider of cyber resilience and data protection solutions for hybrid cloud organizations, today announced Ashley Baird as its new Vice President & Managing Director of Market Expansion.
With extensive cloud and go-to-market experience, Baird will extend Commvault’s leadership and accelerate its growth further into new markets with leading cloud providers. Baird will also serve as Chief of Staff to Commvault’s President and CEO, Sanjay Mirchandani. Baird spent 16 years at SoftwareOne, most recently serving as President of its North America business. An award-winning executive and advocate for women in technology, Baird’s unparalleled leadership and innovation will further Commvault’s dominance in the cyber resilience industry.
“I wouldn’t miss this opportunity,” said Baird. “Commvault has helped thousands of companies accelerate their transition to the cloud, where data protection, security, and resilience are key. I look forward to working closely with cloud providers to extend our partnerships while helping customers advance their cyber resilience in the ransomware era.”
The company’s Commvault Cloud platform – powered by Metallic AI – is designed to deliver true cloud cyber resilience while ensuring the fastest recovery. To date, Commvault has moved more than four exabytes of data into the cloud and it also scored highest in 6 of 7 use cases in Gartner’s Critical Capabilities for Enterprise Backup and Recovery software solutions – including Hybrid/Multicloud and SaaS, and Ransomware Recovery.
“I’m excited to have Ashley on our team,” said Mirchandani. “Her extensive background in the cloud ecosystem and channel enables us to further diversify and expand our engagement opportunities and routes to market.”
About Commvault
Commvault (NASDAQ: CVLT) is the gold standard in cyber resilience, helping more than 100,000 organizations keep data safe and businesses resilient and moving forward. Today, Commvault offers the only cyber resilience platform that combines the best data security and rapid recovery at enterprise scale across any workload, anywhere—at the lowest TCO.
More related posts
Commvault Encourages Organizations to Adopt a Four-Step Approach to Resilience in the Age of Frontier AI
Michael J. Melnyk, CFA Commvault 732-870-4581 mmmelnyk@commvault.com
Tinton Falls, N.J. – April 2, 2024 – Commvault (NASDAQ: CVLT) – Commvault will webcast a discussion of its fourth quarter and fiscal year 2024 earnings results on Tuesday, April 30, 2024 beginning at 8:30 a.m. EST at http://ir.commvault.com.
Investors can access the live webcast by visiting http://ir.commvault.com. Investors may also access the call by dialing (800) 715-9871 or (646) 307-1963 and referencing Event ID 6798771. To avoid delays, we encourage participants to dial into the conference call fifteen minutes ahead of the scheduled start time. A replay of the webcast will also be available athttp://ir.commvault.com.
About Commvault Commvault (NASDAQ: CVLT) is the gold standard in cyber resilience, helping more than 100,000 organizations to uncover, take action, and rapidly recover from cyber-attacks—keeping data safe and businesses resilient and moving forward. Today, Commvault offers the only cyber resilience platform that combines the best data security and rapid recovery at enterprise scale across any workload, anywhere with advanced AI-driven automation—at the lowest TCO.
More related posts
Commvault Encourages Organizations to Adopt a Four-Step Approach to Resilience in the Age of Frontier AI
Tinton Falls, N.J. – January 30, 2024 – Commvault [Nasdaq: CVLT] today announced its financial results for the fiscal third quarter ended December 31, 2023.
“This was one of the strongest quarters in our history with double digit ARR and revenue growth, and robust free cash flow generation,” said Sanjay Mirchandani, President and CEO. “As enterprises face non-stop cyberattacks and threats, the introduction of our new Commvault Cloud platform gives our customers groundbreaking strategies to stay resilient and also positions us for accelerated growth in fiscal year 2025.”
Fiscal 2024 Third Quarter Highlights –
Total revenues were $216.8 million, up 11% year over year
Total ARR1 grew to $752 million, up 17% year over year
Subscription revenue was $114.2 million, up 31% year over year
Subscription ARR1 grew to $571 million, up 29% year over year
Income from operations (EBIT) was $21.1 million, an operating margin of 9.7%
Non-GAAP EBIT2 was $46.7 million, an operating margin of 21.5%
Operating cash flow was $44.4 million, with free cash flow2 of $42.6 million
Third quarter share repurchases were $51.3 million, or approximately 711,000 shares of common stock
Financial Outlook for Fourth Quarter and Full Year Fiscal 2024 –
We are providing the following guidance for the fourth quarter of fiscal year 2024:
Total revenues are expected to be between $210 million and $214 million
Subscription revenue is expected to be between $111 million and $115 million
Non-GAAP operating margin2 is expected to be between 20% to 21%
We are providing the following updated guidance for the full fiscal year 2024:
Total revenues are expected to be between $826 million and $830 million
Total ARR1 is expected to grow 15% year over year
Subscription revenue is expected to be between $420 million and $424 million
Subscription ARR1 is expected to grow 25% year over year
Non-GAAP operating margin2 is expected to grow between 50 to 100 basis points year over year
Free cash flow2 is expected to be approximately $170 million
The above statements are based on the incorporation of actual third quarter results and current targets. These statements are forward looking and made pursuant to the safe harbor provisions discussed in detail below. We do not undertake any obligation to update these forward-looking statements. Actual results may differ materially from anticipated results.
Use of Non-GAAP Financial Measures Commvault has provided in this press release the following non-GAAP financial measures: non-GAAP income from operations (EBIT), non-GAAP income from operations margin, non-GAAP net income, non-GAAP diluted earnings per share, non-GAAP free cash flow, annualized recurring revenue (ARR) and subscription ARR. This financial information has not been prepared in accordance with GAAP. Commvault uses these non-GAAP financial measures internally to understand, manage and evaluate its business and make operating decisions. In addition, Commvault believes these non-GAAP operating measures are useful to investors, when used as a supplement to GAAP financial measures, in evaluating Commvault’s ongoing operational performance. Commvault believes that the use of these non-GAAP financial measures provides an additional tool for investors to use in evaluating ongoing operating results and trends, and in comparing its financial results with other companies in Commvault’s industry, many of which present similar non-GAAP financial measures to the investment community. Commvault has also provided its revenues on a constant currency basis. Commvault analyzes revenue growth on a constant currency basis in order to provide a comparable framework for assessing how the business performed excluding the effect of foreign currency fluctuations.
All of these non-GAAP financial measures should be considered as a supplement to, and not as a substitute for, financial information prepared in accordance with GAAP. Investors are encouraged to review the reconciliation of these non-GAAP measures to their most directly comparable GAAP financial measures, which are included in this press release. (Download Financial Tables)
Non-GAAP income from operations and non-GAAP income from operations margin. These non-GAAP financial measures exclude noncash stock-based compensation charges and additional Federal Insurance Contribution Act (FICA) and related payroll tax expense incurred by Commvault when employees exercise in the money stock options or vest in restricted stock awards. Commvault has also excluded restructuring costs and noncash amortization of intangible assets from its non-GAAP results. These expenses are further discussed in Table IV. Commvault believes that these non-GAAP financial measures are useful metrics for management and investors because they compare Commvault’s core operating results over multiple periods. When evaluating the performance of Commvault’s operating results and developing short- and long-term plans, Commvault does not consider such expenses.
Although noncash stock-based compensation and the additional FICA and related payroll tax expenses are necessary to attract and retain employees, Commvault places its primary emphasis on stockholder dilution as compared to the accounting charges related to such equity compensation plans. Commvault believes that providing non-GAAP financial measures that exclude noncash stock-based compensation expense and the additional FICA and related payroll tax expenses incurred on stock option exercises and vesting of restricted stock awards allow investors to make meaningful comparisons between Commvault’s operating results and those of other companies.
There are a number of limitations related to the use of non-GAAP income from operations and non-GAAP income from operations margin. The most significant limitation is that these non-GAAP financial measures exclude certain operating costs, primarily related to noncash stock-based compensation, which is of a recurring nature. Noncash stock-based compensation has been, and will continue to be for the foreseeable future, a significant recurring expense in Commvault’s operating results. In addition, noncash stock-based compensation is an important part of Commvault’s employees’ compensation and can have a significant impact on their performance. The following table presents the stock-based compensation expense included in cost of revenues, sales and marketing, research and development and general and administrative ($ in thousands):
The components that Commvault excludes in its non-GAAP financial measures may differ from the components that its peer companies exclude when they report their non-GAAP financial measures. Due to the limitations related to the use of non-GAAP measures, Commvault’s management assists investors by providing a reconciliation of each non-GAAP financial measure to the most directly comparable GAAP financial measure. Commvault’s management uses non-GAAP financial measures only in addition to, and in conjunction with, results presented in accordance with GAAP.
Non-GAAP net income and non-GAAP diluted earnings per share (EPS). In addition to the adjustments discussed in non-GAAP income from operations, non-GAAP net income and non-GAAP diluted EPS incorporates a non-GAAP effective tax rate of 27%.
Commvault anticipates that in any given period its non-GAAP tax rate may be either higher or lower than the GAAP tax rate as evidenced by historical fluctuations. The GAAP tax rates in recent fiscal years were not meaningful percentages due to the dollar amount of GAAP pre-tax income. For the same reason as the GAAP tax rates, the estimated cash tax rates in recent fiscal years are not meaningful percentages. Commvault defines its cash tax rate as the total amount of cash income taxes payable for the fiscal year divided by consolidated GAAP pre-tax income. Over time, Commvault believes its GAAP and cash tax rates will align.
Commvault considers non-GAAP net income and non-GAAP diluted EPS useful metrics for Commvault management and its investors for the same basic reasons that Commvault uses non-GAAP income from operations and non-GAAP income from operations margin. In addition, the same limitations as well as management actions to compensate for such limitations described above also apply to Commvault’s use of non-GAAP net income and non-GAAP diluted EPS.
Non-GAAP free cash flow. Commvault defines this non-GAAP financial measure as net cash provided by operating activities less purchases of property and equipment. Commvault considers non-GAAP free cash flow a useful metric for Commvault management and its investors in evaluating Commvault’s ability to generate cash from its business operations. In addition, the same limitations as well as management actions to compensate for such limitations described above also apply to Commvault’s use of non-GAAP free cash flow.
Conference Call Information Commvault will host a conference call today, January 30, 2024 at 8:30 a.m. Eastern Time (5:30 a.m. Pacific Time) to discuss quarterly results. The live webcast and call dial-in numbers can be accessed by registering under the “Events” section of Commvault’s website. An archived webcast of this conference call will also be available following the call.
About Commvault Commvault (NASDAQ: CVLT) is the gold standard in cyber resilience, helping more than 100,000 organizations to uncover, take action, and rapidly recover from cyberattacks—keeping data safe and businesses resilient and moving forward. Today, Commvault offers the only cyber resilience platform that combines the best data security and rapid recovery at enterprise scale across any workload, anywhere with advanced AI-driven automation—at the lowest TCO.
Safe Harbor Statement This press release may contain forward-looking statements, including statements regarding financial projections, which are subject to risks and uncertainties, such as competitive factors, difficulties and delays inherent in the development, manufacturing, marketing and sale of software products and related services, general economic conditions, outcome of litigation and others. For a discussion of these and other risks and uncertainties affecting Commvault’s business, see “Item IA. Risk Factors” in our annual report on Form 10-K and “Item 1A. Risk Factors” in our most recent quarterly report on Form 10-Q. Statements regarding Commvault’s beliefs, plans, expectations or intentions regarding the future are forward-looking statements, within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All such forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Actual results may differ materially from anticipated results. Commvault does not undertake to update its forward-looking statements.
1. Annualized Recurring Revenue (ARR) is defined as the annualized recurring value of all active contracts at the end of a reporting period. It includes the following contract types: subscription (including term licenses, SaaS and utility software), maintenance contracts related to perpetual licenses, other extended maintenance contracts (enterprise support), and managed services. It excludes any element of the arrangement that is not expected to recur, primarily perpetual licenses and most professional services. Subscription ARR includes only term licenses, SaaS and utility software arrangements. Contracts are annualized by dividing the total contract value by the number of days in the contract term, then multiplying by 365.
ARR should be viewed independently of GAAP revenue, deferred revenue and unbilled revenue and is not intended to be combined with or to replace those items. ARR is not a forecast of future revenue. Management believes that reviewing this metric, in addition to GAAP results, helps investors and financial analysts understand the value of Commvault’s recurring revenue streams presented on an annualized basis.
2. A reconciliation of GAAP to non-GAAP results has been provided in Finance Statement Table IV included in this press release. An explanation of these measures is also included under the heading “Use of Non-GAAP Financial Measures.
More related posts
Commvault Encourages Organizations to Adopt a Four-Step Approach to Resilience in the Age of Frontier AI
